Reinsurance News
catastrophe modelling
Catastrophe modelling is a critical piece of the insurance and reinsurance market chain and product offering. Using catastrophe risk models, insurers and reinsurers analyse risks to inform their pricing and risk appetites.
Read our catastrophe modelling insurance or reinsurance related news and analysis below.
Insured loss from U.S. SCS & tornado outbreak seen at $3bn by KCC
14th December 2021
Analysis from catastrophe risk modelling firm, Karen Clark & Company (KCC), estimates that the insurance industry loss from the recent severe convective storm (SCS) outbreak in the U.S. will be around $3 billion. The SCS outbreak, which brought damaging winds and hail, occurred over December 9th - 12th and saw tornado ... Read the full article
US tornado outbreak likely a multi-billion dollar event
13th December 2021
A devastating severe weather event consisting of intense tornado activity across US states Arkansas, Missouri, Tennesse, and Kentucky is expected to generate industry losses into the low single-digit billions of dollars. Andrew Siffert, a Senior Meteorologist at insurance and reinsurance broker BMS Group, adds that December severe weather event typically fall ... Read the full article
Hiscox to expand RMS partnership
8th December 2021
Specialist global insurer Hiscox is working with RMS on extending and increasing use of the cat modeller's Location Intelligence API technology. The tech is designed to improve customer experience on a coverholder level, while also providing market-leading modelling data to enable high-resolution, location-level hazard, risk, and loss metrics. RMS Location Intelligence also ... Read the full article
Climate models are becoming increasingly critical: Aeolus
23rd November 2021
Insurance and reinsurance companies are naturally at the forefront of understanding climate change risk, and as the climate and resilience debate intensifies around the world, climate models are becoming more important, according to Aeolus Capital Management Ltd. Artemis, our insurance-linked securities (ILS) focused sister site, recently hosted a live ... Read the full article
TWIA may drop broker GC in favour of Willis Re, with Aon preferred for modelling services
3rd November 2021
The Texas Windstorm Insurance Association (TWIA) looks set to pivot towards Willis Re for its reinsurance broking needs following a meeting of its actuarial & underwriting committee. This switch would see TWIA terminate its current broking relationship with broking rival Guy Carpenter. The committee, which is reported to have considered Guy Carpenter ... Read the full article
KCC releases new US wildfire model
21st September 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has announced the release of Version 1.0 of its US Wildfire Model. This fully probabilistic model provides Exceedance Probability (EP) curves, PMLs, and AALs down to the location level and can be used to develop underwriting and pricing strategies that account for the ... Read the full article
Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s
15th September 2021
To better assess the impacts of climate change over time, there's a real need to integrate the work of the scientific community with the actuarial work undertaken by the re/insurance industry, according to Dr. Kirsten Mitchell-Wallace, Head of Portfolio Risk Management, Lloyd's. Executives from the specialist Lloyd's insurance and reinsurance market ... Read the full article
It’s an “arms race” between reinsurers: Everest Re CEO Andrade
8th September 2021
Recent years of heightened catastrophe activity, characterised by rising losses from secondary perils, has significantly changed the way the reinsurance industry views risk, contributing to an "arms race" as reinsurers look to leverage the latest technology and processes, according to Juan Andrade, President and Chief Executive Officer (CEO) of Everest ... Read the full article
RSIS partners with specialists to provide NatCat protection in South Africa
31st August 2021
Reinsurance Solutions Intermediary Services (RSIS), a specialist southern African reinsurance broker, has partnered with specialists in natural catastrophe risk modelling to offer its insurance clients reinsurance protection and risk management. The natural catastrophe perils covered by RSIS and its new partners include earthquake, flood, hail and cyclone, all modelled within the ... Read the full article
Cat risk models vital when preparing for wind & wildfires: Mark Anquillare, Verisk
10th August 2021
Recent, devastating hurricane and wildfire seasons have served to highlight just how vital catastrophe risk modelling is in preparation for the upcoming season, according to Mark Anquillare, Chief Operating Officer & Group President, Verisk. In a recent interview with Reinsurance News, Anquillare discussed what insurers and reinsurers can do to help ... Read the full article
RMS being offered for sale by owner DMGT
12th July 2021
RMS, one of the leading catastrophe risk modelling companies serving the insurance and reinsurance industry, is being offered for sale by its ultimate owner DMGT (Daily Mail and General Trust plc). DMGT said this morning in announcing a possible reorganisation and acquisition of all of its shares by its main holder, ... Read the full article
RMS to provide models, services to Saudi Re
30th June 2021
RMS is set to provide Saudi Re with models and services for a more comprehensive view across the Asian market. The agreement will enable Saudi Re to enhance risk analysis across multiple geographies including India, China, and the Philippines. Saudi Re continues to grow its activities and client base in the Asian ... Read the full article
Corelogic extends partnership with Xceedance
29th June 2021
Catastrophe risk modeller CoreLogic has announced an extended collaboration with insurance consulting firm Xceedance designed to provide new access to its complete suite of 180+ catastrophe models. The extended agreement now allows Xceedance to provide transactional based services utilising CoreLogic’s RQE platform as well as models available on the Oasis LMF ... Read the full article
KCC US Hurricane Model Version 3.0 certified in Florida
8th June 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has announced that its US Hurricane Reference Model Version 3.0 has been certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). The certification follows on from the approval of the KCC US Flood Model certification last December. The FCHLPM was established in ... Read the full article
Hurricane risk landscape is becoming more complex: RMS
3rd June 2021
RMS' latest update to its North Atlantic hurricane model continues to evolve the science of hurricane risk modelling, as the changing climate, growing exposures and changing market conditions drive an increasingly complex risk landscape, according to Jeff Waters and Ben Brookes. The latest in our sister publication Artemis' series ... Read the full article
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